Question

Inventory Costing Methods-Periodic Method
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:

July	1	Beginning inventory	40	units @	$9	per unit
	10	Purchased	60	units @	$10	per unit
	15	Sold	70	units @
	26	Purchased	35	units @	$11	per unit

Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.

A.	First-in, First-out:
	Ending Inventory
	Cost of Goods Sold:
B.	Last-in, first-out:
	Ending Inventory
	Cost of Goods Sold:
C.	Weighted-average cost:
	Ending Inventory
	Cost of Goods Sold

Answer 1

FIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
July.01	Beginning Balance	40	$                9.00	$                     360	40	$           9.00	$                 360
July.10	Purchases	60	$             10.00	$                     600	30	$         10.00	$                 300	30	$         10.00	$                 300
July.26	Purchases	35	$             11.00	$                     385				35	$         11.00	$                 385
	Total Goods Available For sale	135		$                  1,345	70		$                 660	65		$                 685
LIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
July.01	Beginning Balance	40	$                9.00	$                     360				40	$           9.00	$                 360
July.10	Purchases	60	$             10.00	$                     600	35	$         10.00	$                 350	25	$         10.00	$                 250
July.26	Purchases	35	$             11.00	$                     385	35	$         11.00	$                 385
	Total Goods Available For sale	135		$                  1,345	70		$                 735	65		$                 610
WIGHTED AVERAGE COST METHOD
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	No. of Kg	Cost Per unit	Cost of Goods Sold	No. of Kg	Cost Per unit	Ending inventory
July.01	Beginning Balance	40	$                9.00	$                     360
July.10	Purchases	60	$             10.00	$                     600
July.26	Purchases	35	$             11.00	$                     385
	Total Goods Available For sale / Avg. Price	135	9.96	1,345	70	9.96	697	65	9.96	648
Answer =
		FIFO	LIFO	Average Cost
	Ending inventory	$                   685	$                 610	$                     648
	Cost oF Goods Sold	$                   660	$                 735	$697
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